The UK renews crackdown on Golden Visa

The UK Home Office has announced changes to the Golden Visa Program for affluent overseas investors. This is even as the UK targets filthy cash in the backdrop of the Skripal attack.

As per the new laws, applicants of Golden Visa under the Investor scheme will have to prove the control of funds from 2 years. This is for the 2 million pounds investment and earlier it was just 90 days. Alternatively, they have to offer proof of the source of the funds.

The Tier 1 Investor program has attracted several affluent Russian and Chinese investors in the past. These have also settled in the UK.

However, the UK is now cracking down on money laundering attempts. The program has been under review after the UK’s ties with Russia worsened. This is after Sergei Skripal a former Russian agent was poisoned last year in Salisbury.

Roman Abramovich Russian oligarch and owner of Chelsea football club withdrew his application for Golden Visa earlier this year. This is after the ties between the two nations were affected negatively after the Salisbury poisoning of the spy. Roman Abramovich is also a friend of the President of Russia Vladimir Putin.

Abramovich was also refused the Residency by Switzerland. This was after the officials were cautioned by the police of risk to public security. It also would threaten the reputation of the nation, added the police, as quoted by the International Investment.

The numbers of Tier 1 Visas offered to Russians declined to 29 in 2018 from 46 in 2017. This is the lowest figure after the Visas were launched in 20108.

The revised Golden Visa rules will be effective from March 29, 2019. The efforts for crackdown over these Visas follow an awkward fiasco in 2018. The UK had announced the suspension of the Visas but was forced to backtrack after a few days.

The UK Home Office has also declared 2 new Visa pathways. These are the Innovator Visa and Start-up Visa that will also become effective from 29 March 2019.